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Bob Carey
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  US Economy and Credit Markets Week Ended May 4, 2012
Posted Under: Weekly Market Commentary
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Treasuries prices were higher again this week as continued concerns out of Europe and softer than expected U.S. economic data increased the demand for the safety of U.S. debt. Treasuries gained Monday as personal spending in March was reported below expectations, European concerns continued, and the Chicago ISM was lower than expectations. The ISM Manufacturing Index for April was reported higher than expectated Tuesday sending Treasuries lower for the first time in four sessions. Treasuries were higher Wednesday as European manufacturing reportedly slowed and the ADP employment change for April increased less than expectations, significant ahead of the Friday jobs report. Treasuries were higher again Friday as non-farm payrolls increased less than expectations. The 10-year note was higher for the 7th week in a row, the longest streak since 2008 according to Dow Jones. In other economic news this week, the Dallas Fed Manufacturing Index was reported at -3.4 vs. the estimate of 8.0, April annualized domestic vehicle sales of 11.12 million were slightly better than expected, while total sales were slightly behind estimates, 1st quarter non-farm productivity declined 0.5%, slightly better than the estimate of -0.6%, and the unemployment rate for April was reported at 8.1%. Major economic reports (and related consensus forecasts) for next week include: Wednesday: March Wholesale Inventories (0.60%); Thursday: April Import Price Index (-0.2% MoM, 0.8% YoY), March Trade Balance (-$50.0B); Friday: April PPI (0.0% MoM, 2.1% YoY), April PPI Excluding Food & Energy (0.2% MoM, 2.8% YoY), May Preliminary University of Michigan Consumer Confidence (76.2).
Posted on Monday, May 7, 2012 @ 10:34 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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